Quote:
Originally Posted by LeftCoaster
No it's a huge golden goose for the city too. The tax revenue they pull out of Metrotown is probably equivalent to a huge portion of the entire residential tax revenues they collect.
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It sounds to me like Burnaby wants to emulate Pacific Centre. It would be a safe presumption that Pacific Centre and all the buildings above it rake in far more tax revenue than Metrotown.
The City of Burnaby is not content with having an above ground shopping mall sitting on prime land. They want to keep progressing (as they should).
In your estimation, what would make it worth it for the mall owners to redevelop their mall? I don't know the business, so what would the threshold be? In a previous post I used big round numbers; 1 billion to rebuild, 2 billion for property development above the mall - net gain 1 billion.
It's a huge project, but far from impossible. If Ivanhoe-Cambridge comes out 100's of millions or even a billion ahead, that would seem worth it to me.
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